Jun 24, 2025 | Congressional Legislation, Federal Regulation, News
Senate Parliamentarian Says Budget Bill Can’t Cut CFPB Funding As Congress continues to hammer out the details of the tax and spending package passed by the House in May, Senate Parliamentarian Elizabeth MacDonough recently ruled that the Republicans’ attempt to...
Jun 18, 2025 | Federal Regulation, News
CFPB’s Top Enforcement Official Resigns Last week, CFPB acting head of enforcement Cara Petersen turned in her resignation after sending an email to colleagues criticizing the Trump administration’s efforts to dismantle the agency. Petersen served at the Bureau...
Jun 12, 2025 | Financial Literacy, News
New Report Finds Consumer Credit Usage Surged in April The most recent consumer credit data from the Federal Reserve indicated that consumers turned to credit to pay for goods and services at a significantly elevated rate in April. The aggregate tally of consumer...
Jun 10, 2025 | Federal Regulation, News
Senate Confirms Michelle Bowman as Federal Reserve Vice Chair for Supervision Last week, the U.S. Senate confirmed Federal Reserve Governor Michelle Bowman to serve as the Fed’s Vice Chair for Supervision by a narrow vote of 48-46. Bowman has served as a governor on...
Jun 4, 2025 | Federal Regulation, News
Baltimore Drops CFPB Funding Lawsuit Last week, the city of Baltimore voluntarily dropped its lawsuit challenging the Trump administration’s efforts to defund the Consumer Financial Protection Bureau (CFPB). The city is represented by Democracy Forward, a left leaning...
May 29, 2025 | FinTech, News
Number of Consumers Using BNPL to Pay for Groceries Has Nearly Doubled Data from an April LendingTree report shows that 25 percent of buy now, pay later (BNPL) users have used the service to buy groceries, up from 14 percent a year ago. Lending services like Affirm,...
May 27, 2025 | Federal Regulation, News
CFPB Proposes Rescinding Nonbank Supervision Registry Rule The Consumer Financial Protection Bureau (CFPB) recently proposed a rescission of its rule requiring nonbank financial firms to register with the agency if they are subject to any court order or regulatory...
May 21, 2025 | Federal Regulation, News
New York Budget Includes Strict Licensing for BNPL Companies Earlier this month, New York state introduced legislation that imposes strict licensing requirements and other rules on Buy Now, Pay Later (BNPL) products as part of Governor Kathy Hochul’s new budget, which...
May 15, 2025 | Federal Regulation, News
CFPB Rescinds Nearly 70 Pieces of Guidance The Consumer Financial Protection Bureau (CFPB) recently withdrew 67 pieces of prior guidance, including those regarding overdraft fees, BNPL, fair lending, earned wage access programs, and more. Acting CFPB Director Russell...
May 13, 2025 | Federal Regulation, News
Trump Administration Withdraws McKernan’s CFPB Director Nomination, Instead Nominates Him for Senior Role at Treasury Jonathan McKernan, a former FDIC board member who President Trump nominated in February to lead the Consumer Financial Protection Bureau, has...
